A Toronto man has been arrested and charged with fraud for allegedly posing as a fake investment broker and contractor to collect payment from victims who believed they were making legitimate investments.
The Toronto Police Service (TPS) on Tuesday announced the arrest of 42-year-old Georgios Sakellaris.
Between January 2022 and September 2022, police said Sakellaris posed as an investment broker and convinced victims to invest money with the promise of large returns.
Once a victim made a payment, Sakellaris would allegedly inform them that he lost their investments and the victim would have to sue him to get their money back.
Police said the victims were never reimbursed.
TPS also accused Sakellaris of also posing as a contractor to scam victims between November 2024 and January 2024.
Sakellaris would tell victims he was a professional contractor and would offer to repair a homeowner's roof for a discounted price, police reported. He would allegedly ask a victim to make a deposit but would never begin the repair work. The deposit was not returned to the victim.
Sakellaris has been charged with six counts of fraud over $5,000 and three counts of fraud under $5,000. He was also charged with six counts of possession of property obtained by a crime over $5,000 and six counts of laundering proceeds of Canadian currency.
Police did not reveal the full amount of money Sakellaris obtained through the alleged scams.
Investigators believe there may be more victims.
Sakellaris was scheduled to appear in court at the Ontario Court of Justice on Monday.
Anyone with information in the case has been asked to contact police at 416-808-5100 or to submit an anonymous tip through Crime Stoppers at 416-222-TIPS (8477) or www.222tips.com.
How to avoid a scam
TPS has reminded Torontonians to use caution when solicited for any service and not to share personal information with people unknown to them.
Elderly and vulnerable citizens are especially at risk of being scammed using high-pressure tactics to commence work immediately.
Police said most fraudsters will usually demand payment in the form of cash or bank draft.
Residents should be wary of unsolicited contractors going door to door. To best protect from fraud, people should avoid impulse decisions to hire a contractor and should research a potential company or worker before making a payment.
"Remember, if it sounds too good to be true, it probably is," TPS warned.
If you are a victim of fraud, report the incident to your local police and to the Canadian Anti-Fraud Centre online or by phone at 1-888-495-8501.
